The 50– hour simple moving average provided resistance for the USD/CAD currency pair on Monday. As a result, the US Dollar fell by 66 pips or 0.52% against the Canadian Dollar during Monday’s trading session.
The exchange rate is likely to continue to edge lower in a narrow descending channel pattern during the following trading session. The possible target for sellers will be near the 1.2350 area.
However, the 200– hour SMA at 1.2437 could provide support for the currency exchange rate in the shorter term.
